Territory Resource Wrap – May 12

by | May 12, 2022 | Business, Business News Brief | 0 comments

The NT Independent is providing you with an update of resource news from across the Northern Territory. This week, TNG receives $3.7 million, Tamboran to open full potential of the Beetaloo, KGL find more Territory copper, plus more.

TNG receives a $3.7m research and development rebate from Federal Government

Australian resource and mineral processing technology company TNG has been awarded $3.7 million as a refundable tax offset under the Federal Government’s research and development (R&D) tax incentive scheme.

TNG will be using the rebate to fund the company’s R&D activities on its 100 per cent-owned Mount Peake Vanadium-Titanium-Iron project in the Northern Territory and its TIVAN processing technology.

The patented TIVAN process is a high-value asset for the company and will underpin the planned development of the Mount Peake Project.

Under the R&D tax incentive scheme, companies with a turnover of less than $20 million which undertake R&D activities are entitled to a cash refund of 43.5 cents per eligible dollar spent.

The scheme provides direct assistance for companies like TNG to continue their R&D initiatives and drive technological innovation to boost competitiveness and improve productivity across the Australian economy.

Tamboran to unlock the full potential of Beetaloo Sub-basin

Tamboran Resources Ltd (TBN) claims it will unlock the full potential of the Beetaloo Sub-basin in the Northern Territory. TBN said it has secured Ensign Rig 970 to spud the Maverick 1H (M1H) well in the 100 per cent-owned and operated permit EP 136, subject to final environmental approvals.

TBN said the M1H well will be drilled in the third quarter of this year with an optimised well design over a planned 1,000-metre horizontal section targeted to include up to 20 fracture-stimulated stages.

The company reported that the final well design for the well has benefited from additional data provided by the Tanumbirini 2H and 3H flow rest results, which boosted TBN’s confidence in achieving potentially commercial flow rates.

“We are excited to commence the pathway towards commercialization of our vast acreage, which we believe will play a major role in supporting Australia’s energy security for decades,” TBN managing director and CEO Joel Riddle said.

KGL identifies copper shoots at shallow depth in Reward Deposit

KGL Resources Ltd (KGL) has identified copper mineralized shoots at a relatively shallow depth from a 22-hole diamond drilling program at the Reward Deposit within the Jervois Base Metal Project in the Northern Territory.

The company said that based on the successful drilling, four additional holes are planned to follow up the intersection in KJCD495.

Success in these new holes could expand the existing Reward Main HW Domain to the north, thus increasing mineral resources in an easily accessible part of the Reward deposit. Although these expanded resources will not be included in the current feasibility study, it does provide the opportunity to upgrade the study in the future.

The drilling program was initiated to increase mineral resources at a relatively shallow depth within a 370-metre gap between the Reward Main Shoot and the Reward Deeps Shoots, where no high-grade mineralised shoots had been previously modelled.

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